FRENCKEN GROUP LIMITED
ANNUAL REPORT 2015
99
NOTES TO FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015 (CONT’D)
27 FINANCE LEASE LIABILITIES
The future minimum finance lease payments together with their present values are as follows:
The Group
Minimum
payments
2015
$’000
Present
value of
payments
2015
$’000
Minimum
payments
2014
$’000
Present
value of
payments
2014
$’000
Not later than 12 months
296
293
412
404
Between two and five years
169
168
354
350
465
461
766
754
Less: Future finance charges
(4)
-
(12)
-
Present value of finance lease liabilities
461
461
754
754
28 DEFERRED INCOME TAX
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current income
tax assets against current income tax liabilities and when the deferred income taxes relate to the same tax authority.
The amounts, determined after appropriate offsetting, are shown on the balance sheet as follows:
The Group
2015
$’000
2014
$’000
Deferred income tax assets
(2,506)
(1,147)
Deferred income tax liabilities
3,600
3,835
1,094
2,688
The movements on the deferred income tax account are as follows:
The Group
2015
$’000
2014
$’000
Balance at beginning of financial year
2,688
2,057
Currency translation differences
(208)
(157)
Charged(Credited) to income statement (Note 10)
- Current year
(1,023)
1,187
- Over recognition in previous financial year
(75)
(41)
(1,098)
1,146
Utilisation
(288)
(358)
Balance at end of financial year
1,094
2,688
